{"id":24130,"date":"2023-10-26T09:40:12","date_gmt":"2023-10-26T09:40:12","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-model-expects-45k-phase-to-hit-in-november\/"},"modified":"2023-10-26T09:40:14","modified_gmt":"2023-10-26T09:40:14","slug":"bitcoin-price-model-expects-45k-phase-to-hit-in-november","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-model-expects-45k-phase-to-hit-in-november\/","title":{"rendered":"Bitcoin price model expects $45K \u2018phase\u2019 to hit in November"},"content":{"rendered":"
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Bitcoin (BTC) is on track to hit $45,000 in November as part of a classic BTC price cycle, popular analyst CryptoCon said.<\/p>\n

In an X thread<\/a> on Oct. 25, the Bitcoin price model creator turned his attention to one based on Fibonacci retracement levels.<\/p>\n

Analyst: $45,000 next month is \u201cpossible\u201d for Bitcoin<\/h2>\n

Bitcoin reaching 17-month highs this week has many market participants expecting a pullback, but CryptoCon believes that plenty of upside potential remains.<\/p>\n

Comparing current BTC price behavior to previous cycles, he showed that there is still room for BTC\/USD to expand to the highest of the Fibonacci model\u2019s five targets to hit a mid-cycle top.<\/p>\n

Four have already been seen, with target four lying around 3.3% above this week\u2019s top at $36,368. In between them are what are called \u201cphases\u201d \u2014 and November now marks a deadline for the next to be completed.<\/p>\n

\u201cThe move to the cycle mid-top usually takes about 2 months after the end of phase 2. Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November,\u201d part of the commentary stated.<\/p>\n

\u201cTranslation: A possible move above 45k by next month.\u201d<\/p><\/blockquote>\n

Bitcoin Mid-Cycle Fibonacci Phases chart. Source: CryptoCon\/X<\/em><\/figcaption><\/figure>\n

Continuing, CryptoCon flagged two key resistance levels for Bitcoin bulls to clear in order for the $45,000 target to become reality.<\/p>\n

\u201cBoth of these line up at about $36,400,\u201d he noted.<\/p>\n

BTC\/USD chart with Fibonacci resistance levels. Source: CryptoCon\/X<\/em><\/figcaption><\/figure>\n

BTC price cycle behavior \u201ccompletely different\u201d<\/h2>\n

Updating his own cycle comparison<\/a>, meanwhile, fellow trader and analyst Rekt Capital described a \u201ccompletely different\u201d setup for Bitcoin in 2023.<\/p>\n

Related:\u00a0\u2018This is the trigger\u2019 \u2014 Arthur Hayes says it\u2019s time to bet on Bitcoin<\/em><\/strong><\/p>\n

At this point in its four-year pattern, BTC\/USD should be testing support, not resistance, he argued, contrasting the current landscape to that from March 2020.<\/p>\n

At the time, the pair put in cycle lows of just above $3,000 as part of a cross-market crash engendered by the start of the COVID-19 pandemic.<\/p>\n

\u201cBitcoin is doing something completely different to what it did in 2019 at this same point in the cycle,\u201d he wrote.\u00a0<\/p>\n

Bitcoin price cycle comparison. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.<\/p>\n

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#BTC<\/a> <\/p>\n

Any deeper retrace that occurs over the next 175 days before the Halving will represent an outsized opportunity for the next few years$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/KH7bsC7edq<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) October 25, 2023<\/a><\/p><\/blockquote>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n